Facebook’s initial public offering on May 19 might not interest you, but it’s causing quite a stir in the social media, business and technology worlds. Shortly after purchasing Instagram for $1 billion, the behemonth social media offered investors a chance to join in. Everyone speculated: would Facebook would stumble after the IPO, a la Groupon, or rise to crazy new heights that we haven’t seen before.
At one point, I thought it could have gone either way. But since the IPO and it’s subsequent stumble, more information has become available to make it seem like the real IPO happened last year, when Facebook and Goldman Sachs marketed the investment to its wealthiest non-US clients, including corporate magnates and directors of the nation’s largest companies.
Bummer. This means the IPO didn’t really offer much in the way of upward awesomeness for US-investors. This didn’t go over well and now Facebook is facing 2 separate class action lawsuits related to the IPO. Investors who purchased Facebook stock can join the class on the law firms’ website - Kessler Topaz Meltzer & Check, LLP - if they wish to participate in the suit, which is still seeking a lead plaintiff.
Stay tuned. This is going to be a landmark IPO, just not in the ways I originally thought.